What Assets Can You Keep After Bankruptcy?

Attribution: Mike_tn

With the economic downturn forcing many people to consider Chapter 7 many law firms are expanding their bankruptcy department to accommodate the increase in clientele. However, many of these people considering bankruptcy fear that conceding bankruptcy means that creditors are necessarily going to claim much of their finances, assets, and maybe even their home.

The truth is that there are many federal and state laws in effect that protect debtors from this kind of savage repossession that the creditors are known for. In fact, some of your most valuable and important assets can be protected, depending on which state you live in.

Here's a recently published article from a law website that discusses some assets that may qualify for an exemption after bankruptcy. People might be relieved to see that their house, pensions, insurance, and even vehicles may be protected by their state's exemption policy. Hopefully a more thorough understanding of what you can expect to retain after bankruptcy will make you more confident in your financial decision.